No Down Payment And Choose To Be Rich Courses Are Good Enough...
Hello,
I am a newbie and I have seen a little bit the foreclouseres deals and I see that is good when you get find the correct property. but I still have a lot of questions, those courses they give you good advises and worth information ? I mean, no down payment and choose to be rich that I have seen on the Direct TV Ads.
Wich course is the best to buy to start learning step by step all the process of buying foreclousure houses and flipping, etc
thanks in advance
Ray
Hi Ray and welcome to TCI.
You will find that I am an advocate of education when it comes to real estate investing, but I do want to make on thing vary clear you will not get rich overnight in real estate investing!
Your first deal will most likely be the most difficult one you do.
You need to start of with some basic courses and advance from there.
I would review the courses available at TCI, as this will give you a jump-start about the course.
Over the years I have taken many courses, some good, some bad and I continue to learn by reading, researching, taking classes, going to seminars in an effort to improve my self.
[addsig]
Well, I have been reading and reading this forum and it is a great one, still have my doubts, and I know that there is no exact answer for my questions, you will learn from everywhere and a lot of sources, but I was asking it is is worth to buy those courses to learn ? any experiences ? or any of you recommend something better to start on short sales / flipping properties
Ray
I forgot to add that you may want to start out locating real estate for other investors and John Locke has a bird-dogging ebook on this subject.
[addsig]
John
I am very stupid to surf on this forum, I love this forum, and thanks for everything thanks for your advises
I really appreciate it
the reason that I post this message is because I am frustated, I am a loan officer and it is very difficult to me to get prospects who wants to purchase / refi
I work for my brother in law and believe me what I earn it is not good enough for my bills, for my mortgage and for other payments that I have, sorry to ask stupid questions, but I am frustated and I want to learn more and to make a deal like I have seen many of you are doing with success
thanks and good luck again
Ray
Larry, Kburke and John
Thanks for your advises , I feel better now, the thing that you get frustated is when you work a lot and you are not doing any worth thing or things goes wrong.
I understand that I can not be rich in short term, you need to do a lot of deals and make things happen.
and Yes, I have not been in the right direction that is the reason that I am frustrated, but I will learn and try to do deals, I will read, learn and ask , so I hope to have luck.
Thanks again guys, your words cheers me up
I love you ( do not get me wrong ) in the good way
Ray
Leaky roof could mean mold problems that may be the reason why it didnt sell. 67k and need of a roof repair and what ever else was damaged by the water could put you way over the comps you need to really get in there and take a good look around if it was 48k 6 months ago more then likely you could pick it up for less now. Do you homework before putting your offer in.
If this is the VA house in Farmington, I see it listed for $66,200.
Of note: You can finance through VA as an investor with 5% down plus 2.25% VA funding fee; you do not have to be a veteran.. if this is the house I think it is.
The reason the price went up from $48,000 is possibly because the VA hired Ocwen Bank to sell their houses. When Ocwen bank took over they jacked the prices up on some of the houses. I guess the idea is to charge more and hope some sucker will buy; it works in hot markets. Another reason the house has not sold might be because houses were pulled off the market while Ocwen figured out how to sell them. Oh.. and another possible reason... if you are a broker trying to sell VA, Ocwen customer service is in India! The Indians are very friendly and polite but the sales process has been made more difficult. VA did a good job selling houses directly; how does hiring a middleman save the customer and taxpayer money? Our tax dollars are paying Indians to do our work.
In a closed up house, you will know if the house has a water leak; the smell will hit you in the face the minute you open the door.
If you like the house, offer low. A thinking man would take your offer...then again....with Ocwen...??
http://www.ocwen.com/reo/reopropdetails.cfm?loan_number=8000111644
Information on that site about Vendee financing also.
[addsig]
http://www.Ocwen.com then click on VA properties.
Right now the interest rate is 5.5% with no PMI even for investors; VA gives a good financing deal. Ocwen charges a $500 closing fee for their trouble which the VA never did.
Evaluate and then make an offer that will work for you. They can only say no. I know Ocwen wants to show the VA that they can do a better job by getting more money, but eventually they have to sell. They will learn the market determines the sale price not what they need to get for their profit margin.
The paperwork is not bad at all. Look on the Ocwen site for the forms or ask your Realtor. 6705 is the VA offer form, 6705b is the credit application if you go with VA Vendee financing. The Va does not use standard Realtor forms for foreclosure sales.